Howrey Bankruptcy Will Rely On Contingency Fees, Ex-Partners

Law360, New York (August 20, 2012, 10:51 PM EDT) -- Bankrupt Howrey LLP's trustee told a California bankruptcy court on Monday that paying off creditors will require the recovery of major contingency fees and going after ex-partners who received distributions when the firm was insolvent or took their unfinished business to new firms.

In his first interim report, Diamond McCarthy LLP managing partner Allan B. Diamond says the firm has "tackled many complex issues and successfully advanced this bankruptcy case" since his appointment in October. His report outlines the additional actions the firm must take, including...